FSCS levies set: brokers stung by higher than expected £61m
The Financial Services Compensation Scheme (FSCS) has set the 2010/11 general levy at £148m with brokers being hit by more than £60m of that.
A total of £61.4m will go to firms in the General Insurance Intermediation sub-class, mainly to cover the costs of payment protection insurance (PPI) claims. A proposed interim levy of £20m will no longer be required. However, the £61.4m that is to be applied to brokers is significantly more than the £50m that had been predicted.
Together with investment and PPI claims, the other main area of claims costs for 2010/11 is general insurance. The General Insurance Provision sub-class will pay a levy
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